News

Friday, March 11, 2016

M.D of Microfinance Company busted for defrauding clients
Masahudu Ankiilu Kunateh, Ghanadot

Accra, March 18, Ghanadot - The Managing Director (M.D) of DavWill Investment Lted, Mr. David Hotsonyame, has been arrested by the Accra Central District Divisional Command for bolting away with thousands of new Ghana Cedis belonging to his customers in Accra.

DavWill Investment, which is a microfinance company, started operating in the microfinance sector in 2008 in the Accra metropolis until in sometime February, this year, when the M.D tried to play hide and seek with clients of the company.

When time finally caught up with him, he told his numerous clients that the company was no more in operation and has therefore decided to pay them out to avoid any harassment.

As smart as he thought he was, he changed his contacts and went into hiding until he was finally arrested by some clients of the company who brought him to the law on Tuesday .

He was handed over to the Police after three customers (Mr. Michael Danso, Mr. Nti Amoah and Mr. Kwaku Agyei) of the company had arrested him at his hideout at Achimota Overhead. He was reported to have struggled with the customers who arrested him.

The 29-year-old M.D is a native of Amedzofe in the Volta Region.

A staff of the company, Ms. Emmanuela Acquah , who spoke to Ghanadot, disclosed that Mr. Hotsonyame gave GH¢15,000 to three of his employees to open three branches under the name Royal Investment Ltd at Winneba and Mankesim, both in the Central Region and Kade in the Eastern Region.

Some irate customers told Ghanadot that they had saved amounts ranging from GH ¢200.00 to GH¢5,000 with David Hotsonyame's company and called on the Police to do everything within their power to enable them get their money back.

They complained about the expensive lifestyle of the incarcerated M.D, saying he spent part of the colossal amount to open an ultra modern office at Odorkor Tipper, a suburb of Accra whilst spent lavishly on women who came along his way.

Mr. Hotsonyame when asked whether he had registered the company with the Bank of Ghana, he answered in the negative saying “I registered with the Registrar-Generals Department and so there was no need for me to register my business with the Bank of Ghana”.

When contacted the Crime Officer of the Accra South District, Assistant Superintendent of Police (ASP), Mr. Papaye Quaye confirmed the case to Ghanadot, adding “investigations are ongoing”.

Ghanadot